5 Questions
What does the Negotiable Instruments Act, 1881 define as negotiable instruments?
Promissory notes, bills of exchange, and cheques
Under the Negotiable Instruments Act, 1881, how can the property in negotiable instruments be transferred?
By mere delivery if it is a bearer or by endorsement and delivery if it is an order one
According to the Negotiable Instruments Act, 1881, what is a promissory note?
An instrument in writing containing an unconditional undertaking to pay a certain sum of money to a certain person or the order of a certain person
What are some other instruments that satisfy the features of negotiable instruments as per the Negotiable Instruments Act, 1881?
Bank drafts, certificates of deposit, commercial paper, Treasury bills, share warrants & dividend warrants
What does Sec. 13 of the Negotiable Instruments Act, 1881 define as a negotiable instrument?
A promissory note or bill of exchange or cheque which is payable either to order or to the bearer
Test your knowledge about the Negotiable Instruments Act 1881, which came into force on 01/03/1882 and has 17 chapters and 148 sections. This quiz covers the definition of negotiable instruments, including promissory notes, bills of exchange, and cheques, as per Section 13 of the Act.
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